COMPANY TOWN ANNEX

National Geographic, Destination Cinema in Venture: National Geographic Television said it and Destination Cinema Inc. will produce films, restore theaters and build new theaters and retail stores. Washington-based National Geographic will invest about $20 million in the next three years in Destination Cinema, the world’s largest owner and operator of IMAX theaters, a National Geographic spokeswoman said. National Geographic also acquired an equity stake in closely held Ogden, Utah-based Destination Cinema, which owns a third of the IMAX theaters in the U.S. The venture will be called National Geographic Destination Cinemas. The two companies plan to co-produce two to three large-format films and open two theaters each year. National Geographic Destination Cinemas are open in the Grand Canyon, Yellowstone National Park, Niagara Falls and other tourist attractions.